Metering company Genus Power Infrastructures on Monday announced that its wholly owned subsidiary has received a letter of award worth Rs 3,121 crore for the appointment of advanced metering infrastructure service providers (AMISPs). This includes designing an advanced metering infrastructure (AMI) system with supply, installation and commissioning of 3.6 million smart prepaid meters and system meters on a Design-Build Finance-Own-Operate-Transfer (DBFOOT) basis.
The company said that there is a possibility of seeing a “consistent and noteworthy surge” in order volumes over the upcoming quarters of the financial year 2023-24 as many state electricity boards (SEBs) have initiated the bidding process for the acquisition of smart meters.
Jitendra Kumar Agarwal, Joint Managing Director, Genus Power Infrastructures Ltd, said, “We are happy to report that we’ve been able to secure several new, sizable orders for our smart meters during the current fiscal year. The strong confidence exhibited by our valued clientele is a clear indication of our formidable competencies and steadfast commitment to providing outstanding offerings and solutions of unparalleled excellence. The recent influx of orders serves to fortify our position as the preeminent purveyor of intelligent metering solutions within the Indian market, thereby reaffirming our unwavering dominance in the industry.”
Agarwal also said that the company’s total order book stands at over Rs 17,000 crore, which could lead to robust future revenue growth. The company is strategically positioned to take advantage of India’s rising market demand for smart meters.
Earlier in July, Genus Power Infrastructures, along with GIC, Singapore, announced plans to set up a new platform in India to fund smart metering projects in the country. GIC will hold a 74 per cent stake; Genus will hold the rest. The partners have committed to an initial pipeline with a capital outlay of $2 billion, and Genus would be the exclusive supplier to the platform for smart meters and associated services
First Published: Oct 23 2023 | 12:43 PM IST